SEG Monthly Flash Report July 2013

July2013 Software Equity Group
Flash Report
Select M&A Transactions and Valuations
and
Financial and Valuation Performance of 250+
Publicly Traded Software, SaaS and Internet
Companies by Product Category

• Industry leading boutique investment bank founded in
LEADERS IN SOFTWARE M&A
Industry leading boutique investment bank, founded in
1992, representing public and private software and
internet companies seeking:
• Strategic exit
• Growth capital
We Do Deals.
Growth capital
• Buyout
• Inorganic growth via acquisition
• Buy and sell-side mentoring
• Fairness opinions and valuationsFairness opinions and valuations
• Sell-side client revenue range: $5 - 75 million
• Buy-side clients include private equity firms and
NASDAQ, NYSE and foreign exchange listed companies
• Clients span virtually every software technology, product
category, delivery model and vertical market
• Global presence providing advice and guidance to more
th 2 000 i t d bli i th h t USthan 2,000 private and public companies throughout US,
Canada, Europe, Asia-Pacific, Africa and Israel
• Strong cross-functional team leveraging transaction,
operating, legal and engineering experience
• Unparalleled software industry reputation and track
record.
• Highly referenceable base of past clients
Copyright © 2013 by Software Equity Group, LLC

EXTENSIVE GLOBAL REACH
Current Sell-side Representation
• SEG currently represents software companies
in the United States, Canada, France,
Recent Sell-side Representation
Germany, Australia & Saudi Arabia
• In addition to the countries listed above, SEG
has recently represented software companies
in the United Kingdom, France, Netherlands,
Israel, and South Africa
SEG Research Distribution
• SEG’s Quarterly and Annual Software Industry
Equity Reports and Monthly Flash Reports areq y p y p
distributed to an opt-in list of 50,000 public
software company CEOs, software
entrepreneurs, private equity managing
directors, VCs, high tech corporate lawyers,
public accountants, etc. in 76 countries.
p ,

Software Equity Group is an investment bank and M&A advisory serving the software and technology sectors. Founded in 1992, our firm has guided and
ABOUT SOFTWARE EQUITY GROUP
q y p y g gy , g
advised companies on five continents, including privately-held software and technology companies in the United States, Canada, Europe, Asia Pacific, Africa
and Israel. We have represented public companies listed on the NASDAQ, NYSE, American, Toronto, London and Euronext exchanges. Software Equity
Group also advises several of the world's leading private equity firms. We are ranked among the top ten investment banks worldwide for application software
mergers and acquisitions.
Our value proposition is unique and compelling We are skilled and accomplished investment bankers with extraordinary software internet and technologyOur value proposition is unique and compelling. We are skilled and accomplished investment bankers with extraordinary software, internet and technology
domain expertise. Our industry knowledge and experience span virtually every software product category, technology, market and delivery model, including
Software-as-a-Service (Saas), software on-demand and perpetual license. We have profound understanding of software company finances, operations and
valuation. We monitor and analyze every publicly disclosed software M&A transaction, as well as the market, economy and technology trends that impact these
deals. We're formidable negotiators and savvy dealmakers who facilitate strategic combinations that enhance shareholder value.
P h t i t t th l ti hi ' b ilt d th i d t t ti j S ft E it G i k d t d b bli lPerhaps most important are the relationships we've built and the industry reputation we enjoy. Software Equity Group is known and respected by publicly
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Software Equity Group is an investment bank and M&A advisory serving the software and technology sectors. For a confidential consultation without obligation,
.kbeible@softwareequity.com,2800-509)858Beible, Director, Business Development (Krisplease contact
CONTACT INFORMATION:
Software Equity Group, L.L.C.
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www softwareequity comwww.softwareequity.com
p: (858) 509-2800
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one or more of the securities or companies discussed herein.
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This Report may not be reproduced in whole or in part without the expressed prior written authorization of Software Equity Group, L.L.C.
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CRM Customer Relationship Management
EBITDA Earnings before Interest, Taxes, Depreciation, and Amortization
ERP Enterprise Resource Planning
EV Enterprise Value
FCF Free Cash Flow
FORWARD Current EV / Next Four Quarters' Consensus Financial Estimates
NASDAQ National Association of Securities Dealers Automated Quotation System
List of Commonly Used Acronyms
NASDAQ National Association of Securities Dealers Automated Quotation System
PLM Product Lifecycle Management
R&D Research and Development
S&P Standard & Poor's
SaaS Software-as-a-Service
SEG Software Equity Group
SG&A Selling, General, & Administrative
SW Software
TTM Trailing Twelve Month
YoY Year-over-Year
YTD Year-to-date
Copyright © 2013 by Software Equity Group, L.L.C., All Rights Reserved

Select Software Industry M&A Transactions
June 2013

Select June 2013 Software Industry M&A Transactions
Date
Announced Target
Target TTM
Revenue
($mm)
Enterprise
Value
($mm)
EV/
Revenue
EV/
EBITDA
Jun-28-2013 Renaissance Learning Inc. Subtext Media, Inc. - - - -
Jun-28-2013 Deutsche Post AG (XTRA:DPW) optivo GmbH - - - -
Jun-27-2013 Silverback Enterprise Group Inc. Noetix Corporation - - - -
Jun-27-2013 Reputation.com, Inc. Readabl, Inc. - - - -
Jun-27-2013 TEMIS S.A. i3 Analytics - - - -
Jun-27-2013 Take One Media Ltd. Top Attractions Ltd - - - -
Jun-27-2013 Raytheon Co. (NYSE:RTN) Raytheon Visual Analytics Incorporated - - - -
Jun-27-2013 Adobe Systems Inc. (NasdaqGS:ADBE) Neolane SA $58.2 $600.0 10.3x -
Jun-26-2013 EMN8, Inc. Snapfinger $275.0 - - -
Jun-26-2013 IT Asset Management Solutions Ltd. Liken Limited, Software Asset Management And IT Asset Management Business - - - -
Jun-26-2013 Broadridge Financial Solutions, Inc. (NYSE:BR) Bonaire Software Solutions, LLC - - - -
Jun-26-2013 Page.ly BlogDroid - - - -
Jun-26-2013 AirWatch, LLC Motorola Solutions, Inc., Mobility Services Platform - - - -
Jun-26-2013 TeamSnap, Inc. Rteamsite.com - - - -
Jun-26-2013 Cequel Data Centers, LLC Baltimore Technology Park, LLC. - - - -
Jun-26-2013 Youth Pulse Inc. Thumb, Inc. - - - -
Jun-26-2013 VTT Maritime AS Visionaire Consult AS - - - -
Jun-25-2013 Axcel Management A/S EG A/S $263.4 - - -
Jun-25-2013 Veeva Systems, Inc. AdvantageMS - - - -
Jun-25-2013 Rent The Runway, Inc. Go Try It On, Inc. - - - -
Jun-25-2013 Hill & Knowlton, Inc. SJR Group LLC $13.6 - - -
Jun-25-2013 Virima Technologies, Inc. Aruvio, Inc. - - - -
Jun-25-2013 The Dalton Agency Inc. Ant Hill Communications, LLC - - - -
Jun-25-2013 HR Path, SAS ICRH Consulting - - - -
Jun-25-2013 Yippy, Inc. (OTCPK:YIPI) Gigablast Inc. and Web Research Properties, LLC - - - -
Jun-24-2013 Hutchison 3G Ireland Limited Telefónica Ireland Limited $823.6 $1,112.9 1.4x -
Jun-24-2013 LINE-X Franchise Development Corporation American Aftermarket Group LLC - - - -
Jun-24-2013 Payday Loans Organization Ltd AAA Payday Loan - - - -
Jun-24-2013 PrimeSport, Inc. Premiere Global Sports, Inc. - - - -
Jun-24-2013 Incentivated Limited Ad.IQ Limited - - - -
Jun-24-2013 Minjar Cloud Solutions Pvt. Ltd. Adepto Solutions Pvt. Ltd. - - - -
Jun-24-2013 Private Investors MurphyEpson, Inc. - - - -
Jun-24-2013 Vivio Technologies Inc. Alurium, Inc. - - - -
Jun-24-2013 Darrow Associates Inc. Summit IR Group Inc. - - - -
Jun-24-2013 Private Investors Patient Reminders Limited - - - -
Jun-24-2013 DIGIEON Technologies Pvt. Ltd SmartVault Corporation - - - -
Jun-24-2013 Rex Electric & Technologies, LLC Integrisys Group, LLC - - - -
Jun-24-2013 Return on Intelligence, Inc. Exigen Services, Ltd. - - - -
Jun-23-2013 Adapt Services Limited Sleek Networks Ltd. $4.6 - - -
Jun-23-2013 Thoma Bravo, LLC Keynote Systems, Inc. (NasdaqGS:KEYN) $123.9 $340.8 2.8x 23.1x
Jun-21-2013 Accelerated Analytics, LLC afterBOT Inc., Retail POS Reporting Business - - - -
Jun-21-2013 Private Investors Splash Media L.P. - - - -
Jun-21-2013 AdStage, Inc. Semply, Inc. - - - -
Jun-21-2013 Intuit Inc. (NasdaqGS:INTU) Elastic Intelligence, Inc. - - - -
Jun-21-2013 Moore Communications Group, Inc. White Dog Design Group, LLC - - - -
Jun-20-2013 Malwarebytes Corporation ZeroVulnerabilityLabs, Inc. - - - -
Jun-20-2013 Capita plc (LSE:CPI) Creating Careers Ltd. - - - -
Jun-20-2013 Kennet Partners Limited; Fidelity Growth Partners Europe Rivo Software Ltd. - - - -
Jun-20-2013 McGraw-Hill Education, Inc. ALEKS Corporation - - - -
Jun-20-2013 Fixmo Inc. Fixmo Carrier Services - - - -
Jun-20-2013 Cisco Systems, Inc. (NasdaqGS:CSCO) Composite Software, Inc. - $180.0 - -
Acquirer

Date
Announced Target
Target TTM
Revenue
($mm)
Enterprise
Value
($mm)
EV/
Revenue
EV/
EBITDA
Jun-20-2013 NET(net), Inc. xPeerient, Inc. - - - -
Jun-20-2013 Nektan LTD Mfuse Ltd. - - - -
Jun-20-2013 The FARM Digital Australia Pty Ltd. Barnett Interactive - - - -
Jun-20-2013 Demand Media, Inc. (NYSE:DMD) Society6, LLC $15.0 $94.3 6.3x -
Jun-20-2013 VishDream Privilege Server - - - -
Jun-20-2013 GIMV NV (ENXTBR:GIMB) Luciad NV $14.9 - - -
Jun-19-2013 M&M Information Technologies Limited Codesnap Limited - - - -
Jun-19-2013 TripAdvisor Inc. (NasdaqGS:TRIP) GateGuru, Inc. - - - -
Jun-19-2013 Covenant Eyes Inc. SAAVI LLC - - - -
Jun-19-2013 BIPB Limited Cockpit Consulting Limited - - - -
Jun-19-2013 TopSites Law National Top Lawyers - - - -
Jun-19-2013 Drilling Info, Inc. Transform Software and Services, Inc. - - - -
Jun-19-2013 Tyco International Ltd. (NYSE:TYC) Exacq Technologies, Inc. $55.0 $150.0 2.7x -
Jun-19-2013 Zynga, Inc. (NasdaqGS:ZNGA) Spooky Cool Labs LLC - - - -
Jun-19-2013 Tele2-Voronezh ZAO CJSC Kodotel - - - -
Jun-19-2013 Twitter, Inc. Spindle Labs, Inc. - - - -
Jun-19-2013 IBM Italia S.p.A. UniCredit Business Integrated Solutions S.C.p.A. - - - -
Jun-19-2013 Telepool Gmbh NETLEIH GmbH & Co. KG - - - -
Jun-19-2013 CompareNetworks, Inc. Scrazzl Ltd. - - - -
Jun-19-2013 Avian Communications Network Limited Blue Square Limited - - - -
Jun-18-2013 Miller Heiman, Inc. Miller Heiman Europe GmbH - - - -
Jun-18-2013 Descom Oy Estime Oy $6.7 - - -
Jun-18-2013 Openet Telecom Limited Forkstream Limited - - - -
Jun-18-2013 Dunnhumby Limited Standard Analytics LLC - - - -
Jun-18-2013 Deag Deutsche Entertainment Ag (XTRA:ERM) Wizard Promotions Konzertagentur GmbH - - - -
Jun-18-2013 Payformance Corporation mPay Gateway, Inc. - - - -
Jun-18-2013 Mediware Information Systems, Inc. Fastrack Healthcare Systems, Inc. - - - -
Jun-18-2013 Zycron, Inc. Computer Professionals, Incorporated - - - -
Jun-18-2013 8fold, LLC Lucid Marketing to Moms - - - -
Jun-18-2013 The Leith Agency Limited Newhaven Communications Limited - - - -
Jun-18-2013 eTrawler Limited Holiday Autos Group Limited, Online Assets - - - -
Jun-18-2013 Occipital Inc. SARL ManCTL - - - -
Jun-18-2013 Quaturo Ltd. Spades Media Ltd - - - -
Jun-18-2013 CDI Computer Dealers, Inc. Vernon Technology Solutions Inc. - - - -
Jun-18-2013 Private Investors The Herald-Dispatch - $10.0 - -
Jun-17-2013 Nippon Telegraph and Telephone Corporation (TSE:9432) Solutionary, Inc. - - - -
Jun-17-2013 Tollfreenumber.org North American Telephone Map - - - -
Jun-17-2013 EarthLink Inc. (NasdaqGS:ELNK) CenterBeam, Inc. - $22.0 - -
Jun-17-2013 Mitel Networks Corporation (NasdaqGM:MITL) prairieFyre Software Inc. - $20.0 - -
Jun-17-2013 PTT, LLC Electrotank Inc. - - - -
Jun-17-2013 Vitera Healthcare Solutions, LLC SuccessEHS, Inc. - - - -
Jun-17-2013 Lulu Software DOC2PDF Limited - - - -
Jun-17-2013 Professional Diversity Network LLC (NasdaqCM:IPDN) Resunate - - - -
Jun-17-2013 Yaskawa Motoman Robotics Agile Planet, Inc. - - - -
Jun-17-2013 DV Bern Ag PBroker AG - - - -
Jun-17-2013 CTS Eventim AG (XTRA:EVD) abc Production AG - - - -
Jun-17-2013 Sago Networks Inc. Razor Servers, Inc. - - - -
Jun-17-2013 Otto Group GmbH NetImpact Framework GmbH And Creative-Task GmbH - - - -
Jun-17-2013 Hecht SA Zebra Graphics S.A. - - - -
Jun-16-2013 DPA Group NV (ENXTAM:DPA) ICT Automatisering NV (ENXTAM:ICT) $102.6 $46.3 0.4x 14.2x
Jun-14-2013 Tribus Real Estate Technologies SquaredR Consulting, Inc. - - - -
Acquirer

Date
Announced Target
Target TTM
Revenue
($mm)
Enterprise
Value
($mm)
EV/
Revenue
EV/
EBITDA
Jun-14-2013 Primetime Medical Software, Inc. Cobalt Medical, Inc. - - - -
Jun-14-2013 Moore Stephens Financial Management Limited Evolution Consulting Limited - - - -
Jun-14-2013 Datawatch Corporation (NasdaqCM:DWCH) Panopticon Software AB $5.0 $31.4 6.3x -
Jun-14-2013 Plum District, Inc. Spotivate, Inc. - - - -
Jun-13-2013 Capinfo Company Limited (SEHK:1075) Shanghai Hengyue Computer Technology Co., Ltd. - $0.4 - -
Jun-13-2013 Entertainment One Ltd. (LSE:ETO) Art Impressions Media Group Inc. - - - -
Jun-13-2013 The Carlyle Group LP (NasdaqGS:CG); KARITA & Company Inc. Simplex Holdings Inc. (TSE:4340) $176.4 $216.2 1.2x 7.1x
Jun-13-2013 Accumuli plc (AIM:ACM) Signify Solutions Limited $4.6 $4.1 0.9x 4.6x
Jun-13-2013 Cupertino Electric, Inc. California Data Center Design Group - - - -
Jun-13-2013 Software AG (XTRA:SOW) Apama Inc. - - - -
Jun-13-2013 toplink GmbH thetakom. telekommunikationssysteme gmbh - - - -
Jun-13-2013 Social Gaming Network, Inc. Mob Science, Inc. - - - -
Jun-13-2013 Billeo, Inc. Swag.io - - - -
Jun-13-2013 Maher Bird Associates LLP MBA Brighton Limited - - - -
Jun-13-2013 OpenTable, Inc. (NasdaqGS:OPEN) JustChalo Inc. - $11.0 - -
Jun-13-2013 Savvis, Inc. AppFog, Inc. - - - -
Jun-13-2013 Business Technology Services, Inc. EDS Services - - - -
Jun-13-2013 Wonderware Corporation Sarla Analytics, LLC, SmartGlance - - - -
Jun-13-2013 OwnUtah.com SellUtah.com - - - -
Jun-13-2013 YourStory Media Pvt. Ltd. ThinkChange India - - - -
Jun-12-2013 Bright Mountain Holdings Inc. (Florida Corporation) War Documentary Films - - - -
Jun-12-2013 Paychex, Inc. (NasdaqGS:PAYX) HR Services, Inc. - - - -
Jun-12-2013 ReviMedia, Inc. N2O Marketing, LLC - - - -
Jun-12-2013 IntApp, Inc. Advanced Productivity Software, Inc. - - - -
Jun-12-2013 AVG Technologies N.V. (NYSE:AVG) LPI Level Platforms Inc. - - - -
Jun-12-2013 New York Publishing Group, Inc.; Kitara Media, LLC Ascend Acquisition Corp. (OTCBB:ASCQ) $0.1 - - -
Jun-12-2013 AdRoll, Inc. Bitdeli Inc. - - - -
Jun-12-2013 OnX Enterprise Solutions Ltd. Worknet Inc. - - - -
Jun-12-2013 DMGx, LLC Bluegill Creative, LLC - - - -
Jun-12-2013 Yahoo! Inc. (NasdaqGS:YHOO) GhostBird Software Inc. - - - -
Jun-12-2013 WANdisco plc (AIM:WAND) TortoiseSVN.net - - - -
Jun-12-2013 Yahoo! Inc. (NasdaqGS:YHOO) Rondee, Inc. - - - -
Jun-12-2013 CentriLogic, Inc. Dacentec Inc. - - - -
Jun-12-2013 SWIFT Networks Ltd Direct On PC, 4G Business - - - -
Jun-12-2013 Private Investors Morning Star Software Technology Co., Ltd. $10.0 $8.2 0.8x -
Jun-12-2013 Daugaard Holding ApS; JCA Holding ApS; Søren Alminde Holding ApS; P. REuroInvestor.com A/S (CPSE:EI) $4.9 - - -
Jun-12-2013 Private Investors Teliae SARL $2.4 - - -
Jun-11-2013 Universal Business Listing Local Incite, Inc. - - - -
Jun-11-2013 NetGain Technologies, Inc. NCDTech - - - -
Jun-11-2013 Private Investors Olley and Associates, LLC - - - -
Jun-11-2013 ReelTime Media Limited Eren Enterprises Pty Ltd., Managed IT Services Business - - - -
Jun-11-2013 Howard-Sloan Professional Search, Inc. Jonathan Roberts Associates, Inc. - - - -
Jun-11-2013 TIBCO Software Inc. (NasdaqGS:TIBX) StreamBase Systems, Inc. - - - -
Jun-11-2013 DiCentral Corporation ALLiGACOM - - - -
Jun-11-2013 Eckoh Plc (AIM:ECK) Veritape Ltd. $1.2 $16.5 13.8x -
Jun-11-2013 Google Inc. (NasdaqGS:GOOG) Waze Ltd. - - - -
Jun-11-2013 Infinity a.s. 3NET a.s. - - - -
Jun-11-2013 Visma Norge Holding AS In Instore Midt-Norge - $8.6 - -
Jun-11-2013 Hollingsworth Capital Partners, LLC Summit Data Center LLC, TekLinks Building - $1.7 - -
Jun-11-2013 Copart UK Limited Autoresiduos S.L.U. - - - -
Jun-11-2013 Caesars Interactive Entertainment, Inc. Electronic Arts Inc., World Series of Poker Game Assets - - - -
Acquirer

Date
Announced Target
Target TTM
Revenue
($mm)
Enterprise
Value
($mm)
EV/
Revenue
EV/
EBITDA
Jun-11-2013 Fiducial Office Solutions (ENXTPA:SACI) Y-Proximité - - - -
Jun-11-2013 Legacy Marketing Partners LLC Kambio Group LLC - - - -
Jun-11-2013 GfK SE (XTRA:GFK) Sensemetric Web & Social Media Mining GmbH - - - -
Jun-11-2013 DocDoc Pte. Ltd. NewCo Internet Pte Ltd - - - -
Jun-11-2013 Wi-Lan Inc. (TSX:WIN) Cypress Semiconductor Corporation, Portfolio of Patents - - - -
Jun-11-2013 Softbank Technology Corp. (TSE:4726) Fontworks Inc. - $20.7 - -
Jun-11-2013 Private Investors Must Informatique $3.7 - - -
Jun-11-2013 eBGenius AdSenseBoy Software - - - -
Jun-10-2013 Avnet, Inc. (NYSE:AVT) Seamless Technologies Inc $14.0 - - -
Jun-10-2013 Parallax Capital Partners, LLC Fox Technologies, Inc. - - - -
Jun-10-2013 Contractors Register, Inc. JobSite123.com, LLC - - - -
Jun-10-2013 Progress Software Corp. (NasdaqGS:PRGS) Rollbase, Inc. - - - -
Jun-10-2013 Agilysys Inc. (NasdaqGS:AGYS) TimeManagement Corporation - - - -
Jun-10-2013 @WalmartLabs Inkiru, Inc. - - - -
Jun-10-2013 Office Management AB Hermelin IT-Partner AB - - - -
Jun-10-2013 APGI Absys Cyborg SAS, Agencies in Strasbourg, Mulhouse and Besancon $2.7 - - -
Jun-10-2013 Private Investors StudentUniverse.com, Inc., SUMM Agency - - - -
Jun-10-2013 AFS Logistics, LLC Trendset Inc. - $1.1 - -
Jun-10-2013 Digital Alchemy Consulting Pty Ltd. Go React Pte. Ltd. - - - -
Jun-10-2013 RAR Beauty LLC Pronto Corp. (OTCBB:POTO) - - - -
Jun-08-2013 IHS Automotive, Inc. R. L. Polk & Co. - $1,400.0 - -
Jun-07-2013 Ketchum Pleon GmbH Brandzeichen Markenberatung und Kommunikation GmbH - - - -
Jun-07-2013 Trilogic Digital Media Limited (BSE:531712) Snip Entertainment and Sphere Entertainment - - - -
Jun-07-2013 Salesforce.com, Inc (NYSE:CRM) EdgeSpring, Inc. - $79.6 - -
Jun-07-2013 DECK13 Interactive GmbH Cranberry Productions GmbH - - - -
Jun-07-2013 MaKheiA Group Société Anonyme (ENXTPA:ALMAK) SAS La Deuxieme Maison - - - -
Jun-07-2013 Alliance Entreprendre SAS SA Sorgem Holding $17.2 - - -
Jun-06-2013 Qforma Inc. Qforma Inc., Prior to Merger with SkilaMederi - - - -
Jun-06-2013 Thomson Reuters Corporation (TSX:TRI) Pricing Partners SAS - - - -
Jun-06-2013 RxVantage, Inc. RepAccess - - - -
Jun-06-2013 ChinaAMC Capital Management Limited iSoftStone Holdings Limited (NYSE:ISS) $390.7 $298.6 0.8x 7.1x
Jun-06-2013 IS Group BV Nxs Internet B.V. - - - -
Jun-06-2013 Intraway Corporation BakingSoftware SpA - - - -
Jun-06-2013 Innofactor Plc (HLSE:IFA1V) Innofactor Business Solutions Oy $23.0 $21.2 0.9x 6.0x
Jun-06-2013 Private Investors Grape Digital Ltd. - - - -
Jun-06-2013 Senior Solution Consultoria em Informática Ltda. Drive Consultoria e Informatica Ltda. $7.1 $7.1 1.0x -
Jun-06-2013 Sikich LLP Pannell Kerr Forster of Texas, P.C., Microsoft Dynamics NAV Practice - - - -
Jun-06-2013 Computer & Technologies Holdings Ltd. (SEHK:46) VITOVA Limited - - - -
Jun-06-2013 Internet Media Labs Inc. TweetChat.com - - - -
Jun-06-2013 Games2win India Pvt Ltd. Backyard Game FactorRy Pvt Ltd - - - -
Jun-06-2013 Next Level Hockey, LLC Findex.com Inc. (OTCBB:FIND) $0.0 - - -
Jun-06-2013 Canal Digitaal B.V. Stream Group B.V. - - - -
Jun-05-2013 Datacom Systems Pty Ltd. Xcitelogic Pty Ltd - - - -
Jun-05-2013 TMS Health, LLC LearnSomething, Inc. - - - -
Jun-05-2013 Revolution, Inc. DanceStudioOwner.com - - - -
Jun-05-2013 SilverSky, Inc. Latis Networks, Inc., Managed Security Services Division - - - -
Jun-05-2013 Nestle Purina PetCare Company Petfinder.com - - - -
Jun-05-2013 Elitetele.com PLC Property Hunt Limited $6.2 - - -
Jun-05-2013 Wolters Kluwer Corporate Legal Services IQS AvantIQ AG - $12.1 - -
Jun-05-2013 NeoSystems Corp. MoCo IT, Inc. - - - -
Jun-05-2013 Rakuten, Inc. (JASDAQ:4755) Webgistix Corporation - - - -
Acquirer

Date
Announced Target
Target TTM
Revenue
($mm)
Enterprise
Value
($mm)
EV/
Revenue
EV/
EBITDA
Jun-05-2013 NXMH B.V.B.A Bricklink Limited - - - -
Jun-05-2013 Sandwich Isles Trading Company, Inc. TeamUpSport Inc. - - - -
Jun-05-2013 Alliance Technologies, Inc. Internet Solver, Inc. - - - -
Jun-05-2013 GrowthFire, LLC Great Bay Software, Inc. - - - -
Jun-04-2013 P2 Energy Solutions Incorporated ISS Group Limited (ASX:ISS) $21.5 $36.8 1.8x 26.6x
Jun-04-2013 ReelTime Media Limited Dream Consultancy Services Pty. Ltd. And Search Engine Experts Pty. Ltd. - - - -
Jun-04-2013 Automatic Data Processing, Inc. (NasdaqGS:ADP) PayRoll S.A. - - - -
Jun-04-2013 International Business Machines Corporation (NYSE:IBM) SoftLayer Technologies, Inc. $400.0 $2,000.0 5.0x -
Jun-04-2013 Delivery.com, LLC Brinkmat, LLC - - - -
Jun-04-2013 KHL Printing Co Pte Ltd Global YP Sdn Bhd - $0.4 - -
Jun-04-2013 Starhome BV MACH S.à.r.l., European Data Clearing and NRTRDE Business - - - -
Jun-04-2013 Strategas Research Partners, LLC Voyager Institutional Services, LLC - - - -
Jun-04-2013 Richard James Phillips & Company LLC Check 6 Consulting and Kennedy & Company - - - -
Jun-04-2013 Tollfreenumber.org Reverse800.com - - - -
Jun-04-2013 American Wealth Alliance, Inc. PupsUSA.com - - - -
Jun-04-2013 Crexendo, Inc. (AMEX:EXE) PBX Central Corporation - - - -
Jun-04-2013 AdFederal Media Pvt Ltd. Lyxel Digital Pvt Ltd - - - -
Jun-04-2013 Masternaut UK Limited E.Novation BTC GmbH - - - -
Jun-04-2013 Evidon, Inc. MobileScope - - - -
Jun-04-2013 ActiveState Software Inc. Appsecute Limited - - - -
Jun-04-2013 Mindshare A/S Wasabi A/S - - - -
Jun-04-2013 Kanetix Ltd. RateSupermarket.ca Inc. - - - -
Jun-04-2013 Comore B.V. Agrovision B.V. - - - -
Jun-04-2013 Tollfreenumber.org numdumb.com - - - -
Jun-03-2013 Swisscom Workplace Services Ltd. Entris Operations AG - - - -
Jun-03-2013 HTEC, Ltd. Indigo Retail Technology Ltd. $3.2 $6.0 1.9x 9.0x
Jun-03-2013 Townsquare Media LLC AOL Inc., Digital Music Sites - - - -
Jun-03-2013 InfoTrust Group, Inc. Flatirons Solutions Corporation - - - -
Jun-03-2013 Microsoft Corporation (NasdaqGS:MSFT) InCycle Software Inc., InRelease Business Unit - - - -
Jun-03-2013 Cellfish Media LLC ToneMedia, LLC - - - -
Jun-03-2013 Electronics for Imaging, Inc. (NasdaqGS:EFII) GamSys Software - - - -
Jun-03-2013 Timmons Group, Inc. Data Transfer Solutions LLC, Wildfire Division - - - -
Jun-03-2013 Software AG (XTRA:SOW) alfabet AG - - - -
Jun-03-2013 Match Marketing Group Inc. SVM Inc. - - - -
Jun-03-2013 Private Investors Live Connected Pty Limited - - - -
Jun-03-2013 Salesforce.com, Inc (NYSE:CRM) ExactTarget, Inc. (NYSE:ET) $317.1 $2,249.6 7.1x -
Jun-03-2013 Rebellion Media Group Corp. Crucial Interactive Inc. - - - -
Jun-03-2013 Valnet Inc. BornRich.com - - - -
Jun-03-2013 JSC System Capital Management ESU LLC - - - -
Jun-03-2013 DTM Systems Inc. Knowledgetech Consulting Inc. - - - -
Jun-03-2013 Siemens Aktiengesellschaft (DB:SIE) PREACTOR International Ltd - - - -
Jun-02-2013 Babylon Ltd. (TASE:BBYL) Woolik Technologies Ltd. - $8.0 - -
Jun-02-2013 ShopperTrak RCT Corporation RapidBlue Solutions Oy - - - -
Jun-01-2013 Telefonix, Inc. Product Development Technologies, Inc. $19.5 $5.0 0.3x -
Jun-01-2013 Oxford Consulting Group, Inc. Chase Consultancy, an Oxford Consulting Group Company - - - -
Jun-01-2013 eCommerce Industries, Inc. Red Cheetah Software, LP - - - -
Jun-01-2013 ECOonline Oy PrettyBit Software Oy, Chemical Safety Management Division - - - -
Jun-01-2013 9thCO Inc. Convurgency Inc. - - - -
Jun-01-2013 Purple Agency Limited Navigate Design Limited - - - -
Acquirer

SEG Software Index
June 2013

SEG Software Index: All Categories
Market Cap EV
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
SEG Software Index $2,183.0 $2,145.0 $559.7 68.3% 19.8% 9.7% 2.9x 11.9x 2.6x 9.2x 7.2%
Billing & Service Management $766.5 $668.2 $427.3 58.4% 18.7% 8.9% 1.9x 8.4x 1.5x 7.5x 13.3%
Business Intelligence $1,262.6 $1,044.2 $436.4 72.3% 13.7% 8.3% 3.1x 15.9x 2.8x 12.3x 14.1%
Development Platforms $2,369.6 $2,294.6 $1,124.3 78.1% 23.1% 0.3% 2.6x 9.5x 3.0x 8.7x 1.2%
Engineering & PLM $3,238.1 $3,097.9 $1,067.3 83.4% 20.5% 11.7% 2.7x 12.5x 2.4x 9.1x 5.4%
Enterprise Resource Planning $5,706.8 $6,056.4 $2,088.2 71.6% 29.6% 0.2% 2.9x 10.4x 2.5x 7.5x -9.4%
Financial & Accounting $1,753.5 $2,410.2 $691.0 55.7% 26.6% 10.7% 3.2x 11.4x 3.1x 9.2x 7.5%
Gaming $2,159.9 $1,981.9 $2,004.4 65.3% 15.0% 15.1% 1.3x 9.5x 1.3x 7.4x 27.6%
IT Conglomerates $142,212.1 $128,987.1 $76,012.0 71.6% 33.8% 0.2% 3.0x 7.6x 2.7x 6.7x -1.8%
Mobile Solutions/Content $575.7 $545.3 $231.1 54.2% 7.9% 19.4% 2.8x 14.2x 1.5x 16.8x -3.9%
Networking & Network Performance Managemen $1,980.2 $1,723.9 $743.4 67.6% 15.0% 9.1% 2.7x 15.2x 2.4x 9.5x -6.0%
Security $1,415.6 $1,293.2 $296.2 77.7% 11.6% 21.3% 3.7x 16.4x 3.8x 17.3x 4.4%
Storage, Data Mgmt & Integration $12,962.7 $8,942.6 $4,643.0 72.3% 21.9% 4.1% 2.5x 8.8x 2.7x 7.4x 5.3%
Supply Chain Management & Logistics $1,111.1 $1,035.4 $211.6 62.0% 19.2% 10.7% 4.4x 16.9x 3.8x 13.8x 15.6%
Systems Management $9,052.0 $8,198.4 $2,201.4 84.7% 24.7% 15.8% 4.0x 17.7x 3.5x 11.0x -12.4%
Vertical - Finance $2,987.5 $3,608.0 $802.2 43.3% 27.3% 7.6% 4.2x 11.0x 4.4x 10.3x 19.5%
Vertical - Other $1,324.1 $1,355.4 $370.6 53.5% 14.4% 21.0% 3.4x 23.5x 2.7x 15.9x 36.7%
Category Name
TTM Revenue Growth 8.9%
TTM EBITDA Growth -20.3%
TTM Earnings Growth -35.0%
Gross Profit Margin 58.4%
EBITDA Margin 18.7%
Net Income Margin -3.3%
SG&A Expenses as a % of Total Revenue 55.2%
R&D Expenses as a % of Total Revenue 17.4%
Current Ratio 1.7
Quick Ratio 1.6
Cash as Percent of Market Cap 8.2%
Avg Days Outstanding: Accounts Receivable 62
Avg Days Outstanding: Accounts Payable 33
Working Capital to TTM Operating Expense Ratio 0.3x
Levered FCF Margin 8.4%
Cash from Operations Growth (YoY) 22.1%
Cash from Investing Growth (YoY) -161.5%
Cash from Financing Growth (YoY) 75.9%
Levered FCF Growth (YoY) 6.4%
Copyright © 2013 by Software Equity Group, L.L.C., All Rights Reserved July 2013 Monthly Flash Report
Income Statement Analysis (Median)
Balance Sheet Analysis (Median)
Cash Flow Statement Analysis (Median)
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2%
4%
6%
8%
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12%
14%
16%
18%
20%
SEG SW Index Software Stock Market Return: January - June 2013
DOW S&P NASDAQ SEG SW Index

SEG Software Index Category: Billing and Service Management
Company Name Ticker Market Cap EV
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
Amdocs Limited DOX $5,970.5 $4,992.3 $3,290.3 35.4% 18.6% 1.9% 1.5x 8.2x 1.5x 7.3x 8.8%
AsiaInfo Holdings, Inc. ASIA $840.0 $543.0 $567.2 38.0% 11.7% 15.7% 1.0x 8.2x 0.8x 7.3x 5.6%
CSG Systems International, Inc. CSGS $693.0 $793.4 $752.5 48.5% 18.6% 2.2% 1.1x 5.7x 1.1x 4.9x 16.9%
Evolving Systems, Inc. EVOL $75.7 $64.2 $27.0 70.7% 27.5% 38.2% 2.4x 8.6x 2.3x 7.8x 15.1%
MIND C.T.I. Ltd. MNDO $32.5 $11.9 $19.4 58.2% 18.8% -1.6% 0.6x 3.3x n/a n/a -2.3%
NeuStar, Inc NSR $3,203.2 $3,448.7 $848.2 77.6% 44.6% 25.9% 4.1x 9.1x 3.7x 7.5x 11.4%
Redknee Solutions TSX:RKN $293.2 $278.3 $55.4 66.5% 4.7% -1.4% 5.0x 107.3x 1.1x 14.3x 56.8%
Synchronoss Technologies, Inc. SNCR $1,184.7 $1,127.4 $287.4 58.5% 21.8% 19.4% 3.9x 18.0x 3.1x 9.2x 42.7%
Median: $766.5 $668.2 $427.3 58.4% 18.7% 8.9% 1.9x 8.4x 1.5x 7.5x 13.3%
TTM EBITDA Growth 14.9%
TTM Earnings Growth 7.5%
EBITDA Margin 18.7%
Net Income Margin 9.9%
Current Ratio 2.7
Quick Ratio 2.3
Levered FCF Growth (YoY) -1.9%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
Billing and Service Management Software Stock Market Return: January - June 2013
Billing & Service Management S&P NASDAQ SEG SW Index

SEG Software Index Category: Business Intelligence
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
Actuate Corporation BIRT $314.2 $246.9 $138.9 84.1% 15.2% 0.9% 1.8x 11.7x 1.7x 7.8x 15.5%
MicroStrategy Incorporated MSTR $982.7 $652.5 $586.5 73.9% 6.9% 1.4% 1.1x 16.0x 1.1x 11.5x -8.9%
Pegasystems Inc. PEGA $1,256.4 $1,075.6 $466.8 67.1% 12.2% 9.7% 2.3x 18.8x 2.1x 13.0x 41.4%
Progress Software Corporation PRGS $1,268.7 $1,012.9 $298.8 90.6% 29.7% -0.6% 3.4x 11.4x 3.0x 8.7x 6.8%
PROS Holdings PRO $836.1 $753.6 $124.4 70.7% 7.6% 21.7% 6.1x 79.6x 4.9x 30.7x 54.7%
Qlik Technologies QLIK $2,460.1 $2,245.4 $405.9 88.1% 2.8% 20.5% 5.5x 194.8x 4.5x 32.6x 25.1%
Teradata NYSE:TDC $8,207.6 $7,625.6 $2,639.0 55.4% 23.3% 6.9% 2.9x 12.4x 2.6x 9.0x -21.2%
Verisk VRSK $10,053.2 $11,231.1 $1,591.1 59.9% 44.5% 16.5% 7.1x 15.9x 6.4x 14.0x 12.7%
Median: $1,262.6 $1,044.2 $436.4 72.3% 13.7% 8.3% 3.1x 15.9x 2.8x 12.3x 14.1%
EBITDA Margin 44.5%
Current Ratio 2.0
Quick Ratio 1.8
Cash from Financing Growth (YoY) -47.9%
0%
5%
10%
15%
20%
25%
Business Intelligence Software Stock Market Return: January - June 2013
Business Intelligence S&P NASDAQ SEG SW Index

SEG Software Index Category: Development Platforms
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
Actuate Corporation BIRT $314.2 $246.9 $138.9 84.1% 15.2% 0.9% 1.8x 11.7x 1.7x 7.8x 15.5%
Adobe Systems Incorporated ADBE $22,883.0 $20,542.9 $4,252.4 87.4% 26.6% -1.9% 4.8x 18.1x 4.9x 15.6x 18.8%
BSQUARE Corporation BSQR $30.6 $11.2 $96.7 18.2% 1.5% 0.3% 0.1x 7.6x n/a n/a -9.5%
Compuware Corporation CPWR $2,206.9 $2,135.0 $944.5 64.7% 14.9% -6.5% 2.3x 15.2x 2.1x 10.4x -4.3%
Magic Software Enterprises Ltd. MGIC $197.8 $162.9 $129.8 41.1% 19.2% 10.1% 1.3x 6.5x n/a n/a 13.5%
Microsoft Corporation MSFT $288,489.0 $229,466.0 $76,012.0 75.3% 40.0% 4.1% 3.0x 7.6x 2.7x 6.7x 27.0%
Oracle Corporation ORCL $142,212.1 $128,987.1 $37,180.0 80.9% 46.6% 0.2% 3.5x 7.4x 3.3x 6.5x -11.5%
Progress Software Corporation PRGS $1,268.7 $1,012.9 $298.8 90.6% 29.7% -0.6% 3.4x 11.4x 3.0x 8.7x 6.8%
Red Hat, Inc. RHT $9,052.0 $8,198.4 $1,377.3 84.7% 20.1% 16.4% 6.0x 29.6x 5.2x 18.1x -12.4%
Software AG XTRA:SOW $2,532.3 $2,454.3 $1,304.0 65.4% 26.2% -5.8% 1.9x 7.2x n/a n/a -26.6%
Median: $2,369.6 $2,294.6 $1,124.3 78.1% 23.1% 0.3% 2.6x 9.5x 3.0x 8.7x 1.2%
EBITDA Margin 23.1%
Current Ratio 2.3
Quick Ratio 2.1
Cash from Investing Growth (YoY) 64.9%
-5%
0%
5%
10%
15%
20%
Development Platforms Software Stock Market Return: January - June 2013
Development Platforms S&P NASDAQ SEG SW Index

SEG Software Index Category: Engineering & PLM
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
ANSYS, Inc. ANSS $6,813.4 $6,188.5 $810.4 87.6% 47.1% 12.8% 7.6x 16.2x 7.0x 14.0x 4.4%
Autodesk, Inc. ADSK $7,629.7 $6,287.6 $2,294.0 89.2% 20.5% 0.8% 2.7x 13.4x 2.6x 9.0x -8.1%
Cadence Design Systems, Inc CDNS $4,097.8 $3,639.2 $1,364.9 85.9% 23.0% 13.8% 2.7x 11.6x 2.4x 7.8x 3.4%
Cimatron Ltd. CIMT $56.4 $52.7 $42.6 87.3% 14.7% 2.1% 1.2x 8.4x n/a n/a 49.2%
Dassault Systèmes DSY $15,270.1 $13,388.1 $2,628.3 87.1% 31.0% 11.7% 5.1x 16.4x n/a n/a 8.6%
GSE Systems Inc. GVP $27.7 $9.0 $51.2 33.0% 3.3% -1.8% 0.2x 5.3x 0.2x n/a -31.1%
Mentor Graphics Corp MENT $2,206.5 $2,232.9 $1,067.3 83.4% 17.6% 3.4% 2.1x 11.9x 1.9x 7.6x 13.1%
Parametric Technology Corporation PMTC $2,930.9 $2,998.2 $1,270.0 70.8% 18.8% 1.5% 2.4x 12.5x 2.2x 9.1x 5.4%
PDF Solutions Inc PDFS $544.0 $480.9 $93.0 59.9% 26.3% 28.6% 5.2x 19.7x 4.4x 11.6x 26.9%
Stratasys, Inc. SSYS $3,238.1 $3,097.9 $267.5 46.5% 19.8% 60.9% 11.6x 58.5x 6.8x 27.1x 2.9%
Synopsys Inc SNPS $5,497.1 $4,936.0 $1,872.4 82.7% 22.2% 14.5% 2.6x 11.9x 2.4x 8.1x 10.7%
Median: $3,238.1 $3,097.9 $1,067.3 83.4% 20.5% 11.7% 2.7x 12.5x 2.4x 9.1x 5.4%
EBITDA Margin 22.2%
Current Ratio 2.2
Quick Ratio 2.0
0%
5%
10%
15%
20%
25%
Engineering & PLM Software Stock Market Return: January - June 2013
Engineering & PLM S&P NASDAQ SEG SW Index

SEG Software Index Category: Enterprise Resource Planning
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
American Software, Inc. AMSW.A $236.7 $176.9 $100.5 54.7% 15.4% -2.1% 1.8x 11.5x 1.7x 8.4x 8.8%
QAD Inc. QADA $176.5 $119.2 $250.4 56.2% 4.6% -0.5% 0.5x 10.4x 0.4x 6.5x -16.0%
Sage Group plc LSE:SGE $5,706.8 $6,056.4 $2,088.2 93.9% 29.6% 2.9% 2.9x 9.8x n/a n/a 8.8%
SAP DB:SAP $87,098.9 $87,677.4 $21,108.3 71.6% 33.8% 13.2% 4.2x 12.3x 3.7x 10.2x -9.4%
Median: $5,706.8 $6,056.4 $2,088.2 71.6% 29.6% 0.2% 2.9x 10.4x 2.5x 7.5x -9.4%
EBITDA Margin 0.0%
Current Ratio 1.1
Quick Ratio 1.1
-15%
-10%
-5%
0%
5%
10%
15%
20%
Enterprise Resource Planning Software Stock Market Return: January - June 2013
Enterprise Resource Planning S&P NASDAQ SEG SW Index

SEG Software Index Category: Financial & Accounting
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
ACI Worldwide, Inc. ACIW $1,852.2 $2,410.2 $691.0 64.2% 21.1% 38.7% 3.5x 16.5x 2.6x 8.6x 4.6%
Bottomline Technologies EPAY $909.6 $761.7 $251.1 53.6% 8.8% 15.7% 3.0x 34.3x 2.8x 14.0x -8.6%
DST Systems, Inc. DST $2,868.4 $3,452.6 $2,605.8 15.8% 14.7% 6.4% 1.3x 9.0x 1.8x 7.5x 6.3%
Evertec EVTC $1,753.5 $2,462.7 $346.5 54.0% 44.9% 6.2% 7.1x 15.8x 6.7x 13.4x 7.5%
Fair Isaac Corporation FICO $1,644.0 $2,016.9 $715.9 69.5% 26.6% 11.7% 2.8x 10.6x 2.6x 7.8x 5.8%
Fiserv FISV $11,639.8 $15,332.8 $4,537.0 42.1% 29.7% 3.4% 3.4x 11.4x 3.1x 9.6x 7.5%
Intuit Inc INTU $18,124.3 $16,628.3 $4,444.0 83.2% 33.8% 10.7% 3.7x 11.1x 3.5x 8.7x -0.9%
Model N, Inc MODN $532.9 $428.3 $92.9 55.7% 4.7% n/a 4.6x 98.7x 3.9x n/a 16.9%
NetSol Technologies Inc. KASE:NETS $25.4 $28.8 $31.6 59.7% 52.6% 61.5% 0.9x 1.7x n/a n/a 76.2%
Sage Group plc LSE:SGE $5,706.8 $6,056.4 $2,088.2 93.9% 29.6% 2.9% 2.9x 9.8x n/a n/a 8.8%
Qiwi plc QIWI $1,206.4 $968.1 $307.0 41.3% 20.8% n/a 3.2x 15.2x 5.5x 12.3x 37.6%
Median: $1,753.5 $2,410.2 $691.0 55.7% 26.6% 10.7% 3.2x 11.4x 3.1x 9.2x 7.5%
EBITDA Margin 29.6%
Current Ratio 1.5
Quick Ratio 1.3
Cash from Operations Growth (YoY) -0.1%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
Financial & Accounting Software Stock Market Return: January - June 2013
Financial & Accounting S&P NASDAQ SEG SW Index

SEG Software Index Category: Gaming
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
Activision Blizzard ATVI $15,936.1 $11,318.1 $5,008.0 66.3% 33.3% 11.8% 2.3x 6.8x 2.7x 8.4x 32.0%
Electronic Arts Inc. EA $7,036.9 $5,915.9 $3,797.0 64.3% 8.6% -8.4% 1.6x 18.2x 1.5x 8.3x 58.0%
GameLoft SA ENXTPA:GF $556.2 $483.9 $274.7 84.6% 15.6% 26.7% 1.8x 11.3x n/a n/a 0.6%
Konami Corporation TSE: 9766 $2,940.1 $2,651.4 $2,399.2 32.4% 14.3% -15.0% 1.1x 7.7x 1.1x 6.4x -3.1%
Take-Two Interactive TTWO $1,379.8 $1,312.5 $1,214.5 41.1% 1.9% 47.1% 1.1x 57.4x 0.7x 4.1x 30.4%
Ubisoft Entertainment ENXTPA:UB $1,251.9 $1,109.5 $1,609.5 72.7% 36.8% 18.4% 0.7x 1.9x n/a n/a 24.8%
Median: $2,159.9 $1,981.9 $2,004.4 65.3% 15.0% 15.1% 1.3x 9.5x 1.3x 7.4x 27.6%
EBITDA Margin 15.0%
Current Ratio 2.6
Quick Ratio 1.7
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
Gaming Software Stock Market Return: January - June 2013
Gaming S&P NASDAQ SEG SW Index

SEG Software Index Category: Healthcare
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
Accretive Health AH $1,051.5 $855.1 $973.6 20.7% 2.9% 32.2% 0.9x 29.8x 0.9x 11.0x -7.6%
Allscripts Healthcare Solutions Inc. MDRX $2,284.4 $2,759.7 $1,428.7 41.3% 7.4% -3.0% 1.9x 26.1x 1.9x 10.5x 37.5%
Cerner Corporation CERN $16,515.9 $15,693.1 $2,645.9 80.4% 28.2% 14.7% 5.9x 21.0x 5.1x 15.9x 19.4%
Computer Programs and Sys, Inc. CPSI $544.5 $527.0 $188.4 44.3% 24.2% 6.1% 2.8x 11.6x 2.6x 9.9x -4.0%
Greenway Medical Technologies, Inc GWAY $367.1 $353.9 $135.7 54.5% 1.4% 15.9% 2.6x 186.1x 2.5x 71.3x -22.8%
MedAssets MDAS $1,080.8 $1,947.6 $663.1 78.6% 31.7% 11.0% 2.9x 9.3x 2.8x 8.9x 0.7%
Merge Healthcare MRGE $336.5 $541.9 $251.6 59.3% 11.5% 4.5% 2.2x 18.7x 2.0x 9.8x 36.9%
Omnicell, Inc. OMCL $705.5 $635.7 $337.0 54.0% 14.1% 33.5% 1.9x 13.4x 1.7x 8.9x 33.8%
Quality Systems, Inc. QSII $1,114.2 $996.2 $460.2 58.8% 21.9% 7.1% 2.2x 9.9x 2.1x 8.7x 6.2%
Median: $1,051.5 $855.1 $460.2 54.5% 14.1% 11.0% 2.2x 18.7x 2.1x 9.9x 6.2%
EBITDA Margin 21.9%
Current Ratio 2.2
Quick Ratio 1.6
-2%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
Healthcare Software Stock Market Return: January - June 2013
Healthcare S&P NASDAQ SEG SW Index

SEG Software Index Category: IT Conglomerates
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
Hewlett Packard HPQ $47,828.1 $61,741.1 $115,569.0 23.6% 12.1% -6.8% 0.5x 4.4x 0.6x 4.4x 67.1%
IBM IBM $211,901.6 $233,362.6 $103,242.0 48.3% 25.6% -3.5% 2.3x 8.8x 2.2x 8.0x -1.8%
SAP AG DB:SAP $87,098.9 $87,677.4 $21,108.3 71.6% 33.8% 13.2% 4.2x 12.3x 3.7x 10.2x -9.4%
Median: $142,212.1 $128,987.1 $76,012.0 71.6% 33.8% 0.2% 3.0x 7.6x 2.7x 6.7x -1.8%
EBITDA Margin 33.8%
Current Ratio 1.2
Quick Ratio 1.1
-5%
0%
5%
10%
15%
20%
IT Conglomerates Software Stock Market Return: January - June 2013
IT Conglomerates S&P NASDAQ SEG SW Index

SEG Software Index Category: Mobile Solutions/Content
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
Bango PLC BGO $127.9 $124.6 $17.6 19.1% -22.1% -34.4% 7.1x n/a n/a n/a -7.7%
Glu Mobile, Inc. GLUU $151.3 $130.1 $85.1 90.2% -10.4% 19.3% 1.5x n/a 1.4x n/a -6.0%
Gree TSE:3632 $2,070.0 $1,918.9 $1,648.9 85.7% 40.4% 11.5% 1.2x 2.9x n/a n/a -40.2%
Millennial Media Inc MM $692.8 $559.3 $194.2 40.9% -0.9% 68.7% 2.9x n/a 1.9x 27.8x -33.2%
Myriad Group AG MYRN $154.2 $156.6 $56.3 19.1% -18.6% -7.8% 2.8x n/a n/a n/a -3.9%
NQ Mobile Inc. NQ $419.0 $304.3 $109.0 69.9% 5.5% 122.4% 2.8x 51.2x 1.5x 4.9x 34.0%
Opera OB:OPERA $942.3 $890.9 $231.1 43.9% 27.2% 35.9% 3.9x 14.2x n/a n/a 34.8%
Qihoo 360 Technology Co. Ltd QIHU $5,668.4 $5,367.4 $369.6 89.4% 17.9% 72.6% 14.5x 81.0x 8.1x 29.6x 55.0%
Pandora Media P $3,216.4 $3,140.9 $471.9 32.0% -8.2% 55.2% 6.7x n/a 4.6x 123.5x 93.9%
Synchronoss Technologies, Inc. SNCR $1,184.7 $1,127.4 $287.4 58.5% 21.8% 19.4% 3.9x 18.0x 3.1x 9.2x 42.7%
Tangoe TNGO $575.7 $545.3 $165.2 54.2% 8.7% 41.5% 3.3x 38.1x 2.7x 16.4x 20.0%
TeleCommunication Systems TSYS $137.1 $237.8 $482.1 33.5% 7.9% 10.8% 0.5x 6.3x 0.5x 5.0x -9.7%
TeleNav TNAV $207.5 $20.0 $209.2 68.9% 11.3% 0.4% 0.1x 0.8x 0.1x 3.0x -34.5%
Velti Plc VELT $127.0 $157.9 $259.6 51.6% -1.9% 22.8% 0.6x n/a 0.7x 17.2x -70.5%
Zynga, Inc ZNGA $2,207.0 $1,038.3 $1,223.9 72.9% 11.7% 0.5% 0.8x 7.2x 1.2x 20.9x 16.3%
Median: $575.7 $545.3 $231.1 54.2% 7.9% 19.4% 2.8x 14.2x 1.5x 16.8x -3.9%
EBITDA Margin 7.9%
Current Ratio 2.1
Quick Ratio 1.9
-5%
0%
5%
10%
15%
20%
25%
Mobile Solutions/Content Software Stock Market Return: January - June 2013
Mobile Solutions/Content S&P NASDAQ SEG SW Index

SEG Software Index Category: Networking/Network Performance Mgmt
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
Allot Communications Ltd. ALLT $446.5 $311.7 $104.6 70.5% 7.5% 23.4% 3.0x 39.5x 2.7x 12.5x -25.0%
Aruba Networks, Inc. ARUN $1,753.6 $1,312.7 $586.2 70.9% 6.1% 19.3% 2.2x 36.7x 2.1x 10.4x -29.5%
Brocade Communications Systems, BRCD $2,556.2 $2,391.2 $2,261.2 62.3% 21.9% 4.8% 1.1x 4.8x 1.1x 4.4x 0.9%
Cisco Systems, Inc. CSCO $130,054.4 $98,924.4 $47,880.0 60.9% 27.6% 5.1% 2.1x 7.5x 2.0x 6.2x 20.6%
Cyan, Inc. CYNI $465.3 $562.0 $108.0 40.5% -11.9% n/a 5.2x n/a 3.6x n/a -5.9%
Compuware Corporation CPWR $2,206.9 $2,135.0 $944.5 64.7% 14.9% -6.5% 2.3x 15.2x 2.1x 10.4x -4.3%
F5 Networks, Inc. FFIV $5,421.4 $4,898.5 $1,430.9 82.9% 32.4% 12.9% 3.4x 10.6x 3.2x 8.3x -32.0%
Gigamon, LLC GIMO $812.0 $789.2 $105.8 79.4% 8.3% 41.6% 7.5x 89.8x 4.9x n/a -3.2%
Juniper Networks, Inc. JNPR $9,775.8 $8,118.7 $4,392.1 63.7% 15.0% 0.3% 1.8x 12.3x 1.8x 6.8x -6.0%
Keynote Systems, Inc. KEYN $365.6 $307.7 $123.9 46.9% 11.9% 5.2% 2.5x 20.9x 2.4x 17.0x 35.2%
Radware Ltd. RDWR $618.2 $555.4 $189.3 81.1% 20.4% 9.1% 2.9x 14.4x 2.8x 13.3x -19.3%
Riverbed Technology, Inc. RVBD $2,542.9 $2,658.4 $900.6 74.8% 15.3% 20.8% 3.0x 19.3x 2.4x 8.7x -26.5%
Median: $1,980.2 $1,723.9 $743.4 67.6% 15.0% 9.1% 2.7x 15.2x 2.4x 9.5x -6.0%
EBITDA Margin 11.9%
Current Ratio 2.0
Quick Ratio 1.7
July 2013 Monthly Flash Report
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
Networking/Network Performance Mgmt Software Stock Market Return: January - June 2013
Networking & Network Performance Management S&P NASDAQ SEG SW Index

SEG Software Index Category: Security
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
AVG Technologies N.V. AVG $1,051.2 $1,065.6 $377.7 84.7% 31.4% 28.2% 2.8x 9.0x 2.5x 7.6x 20.8%
Check Point Software Tech Ltd. CHKP $9,758.9 $8,373.9 $1,352.3 88.4% 56.4% 5.7% 6.2x 11.0x 5.9x 10.2x 0.9%
Commtouch Software Ltd. CTCH $84.5 $79.7 $25.9 80.4% 1.5% 10.9% 3.1x 203.8x 2.2x n/a 0.6%
Fortinet Inc. FTNT $2,838.9 $2,378.6 $552.2 71.8% 19.8% 20.7% 4.3x 21.7x 3.8x 17.3x -17.4%
Guidance Software, Inc. GUID $246.2 $220.6 $130.4 70.7% 1.6% 21.8% 1.7x 103.0x 1.6x 48.0x -29.6%
Imperva IMPV $1,104.3 $993.2 $111.3 78.8% -7.1% 33.5% 8.9x n/a 7.0x 141.5x 38.4%
Palo Alto Networks, Inc PANW $2,999.1 $2,637.4 $359.4 71.9% -1.9% 63.6% 7.3x n/a 5.3x 45.8x -17.7%
Proofpoint, Inc. PFPT $826.2 $739.6 $112.4 69.9% -12.4% 28.2% 6.6x n/a 5.5x n/a 87.0%
Sourcefire, Inc. FIRE $1,726.8 $1,520.9 $233.0 76.7% 7.3% 28.6% 6.5x 89.6x 5.2x 26.1x 15.3%
Symantec Corporation SYMC $15,660.4 $14,004.4 $6,906.0 84.0% 27.3% 2.6% 2.0x 7.4x 2.0x 5.8x 16.1%
Trend Micro TSE:4704 $4,185.8 $2,984.8 $1,029.7 80.9% 32.8% 2.1% 2.9x 8.8x n/a n/a 6.6%
VASCO Data Security International VDSI $321.3 $216.6 $157.1 64.1% 16.0% -4.3% 1.4x n/a 1.3x 8.0x 2.1%
Median: $1,415.6 $1,293.2 $296.2 77.7% 11.6% 21.3% 3.7x 16.4x 3.8x 17.3x 4.4%
EBITDA Margin 11.6%
Current Ratio 1.8
Quick Ratio 1.7
-10%
-5%
0%
5%
10%
15%
20%
Security Software Stock Market Return: January - June 2013
Security S&P NASDAQ SEG SW Index

SEG Software Index Category: Storage, Data Management & Integration
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
Brocade Communications Systems, BRCD $2,556.2 $2,391.2 $2,261.2 62.3% 21.9% 4.8% 1.1x 4.8x 1.1x 4.4x 0.9%
CA, Inc. CA $12,962.7 $11,601.7 $4,643.0 86.3% 36.1% -3.6% 2.5x 6.9x 2.6x 7.4x 28.3%
Cisco Systems, Inc. CSCO $130,054.4 $98,924.4 $47,880.0 60.9% 27.6% 5.1% 2.1x 7.5x 2.0x 6.2x 20.6%
CommVault Systems, Inc. CVLT $3,527.4 $3,091.5 $495.9 86.9% 17.3% 21.9% 6.2x 36.0x 5.4x 22.3x 5.3%
EMC EMC $49,621.8 $45,967.3 $22,006.9 62.7% 23.8% 7.4% 2.1x 8.8x 1.9x 7.5x -4.5%
FalconStor Software, Inc. FALC $65.7 $38.3 $71.3 72.3% -15.1% -14.4% 0.5x n/a n/a n/a -41.7%
IBM IBM $211,901.6 $233,362.6 $103,242.0 48.3% 25.6% -3.5% 2.3x 8.8x 2.2x 8.0x -1.8%
Informatica Corporation INFA $3,780.6 $3,189.5 $829.9 83.5% 20.4% 2.2% 3.8x 18.8x 3.4x 12.9x 16.5%
NetApp, Inc. NTAP $13,642.8 $8,942.6 $6,332.4 59.4% 13.0% 1.6% 1.4x 10.9x 1.3x 6.2x 10.1%
Splunk, Inc. SPLK $4,812.7 $4,481.5 $219.0 89.1% -12.0% 59.2% 20.5x n/a 15.3x n/a 58.4%
TIBCO Software Inc. TIBX $3,512.4 $3,318.0 $1,035.2 71.5% 19.4% 4.4% 3.2x 16.5x 3.0x 11.3x -4.0%
Median: $12,962.7 $8,942.6 $4,643.0 72.3% 21.9% 4.1% 2.5x 8.8x 2.7x 7.4x 5.3%
EBITDA Margin 21.9%
Current Ratio 2.2
Quick Ratio 2.0
-2%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
Storage, Data Management & Integration Software Stock Market Return: January - June 2013
Storage, Data Management & Integration S&P NASDAQ SEG SW Index

SEG Software Index Category: Supply Chain Management & Logistics
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
American Software, Inc. AMSW.A $236.7 $176.9 $100.5 54.7% 15.4% -2.1% 1.8x 11.5x 1.7x 8.4x 8.8%
Aspen Technology, Inc. AZPN $2,697.9 $2,528.3 $292.1 82.7% 13.8% 26.1% 8.7x 62.8x 7.3x 28.8x 3.0%
Manhattan Associates, Inc. MANH $1,501.7 $1,393.1 $381.4 56.3% 23.0% 9.3% 3.7x 15.9x 3.3x 12.8x 22.4%
The Descartes Systems Group Inc. TSX:DSG $720.5 $677.7 $131.1 67.7% 29.1% 12.2% 5.2x 17.8x 4.3x 14.8x 25.3%
Median: $1,111.1 $1,035.4 $211.6 62.0% 19.2% 10.7% 4.4x 16.9x 3.8x 13.8x 15.6%
EBITDA Margin 0.0%
Current Ratio 2.4
Quick Ratio 2.3
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
Supply Chain Management & Logistics Software Stock Market Return: January - June 2013
Supply Chain Management & Logistics S&P NASDAQ SEG SW Index

SEG Software Index Category: Systems Management
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
BMC Software Inc. BMC $6,383.8 $6,214.4 $2,201.4 73.1% 27.8% 1.4% 2.8x 10.2x 2.7x 7.8x 9.8%
CA Technologies CA $12,962.7 $11,601.7 $4,643.0 86.3% 36.1% -3.6% 2.5x 6.9x 2.6x 7.4x 28.3%
Citrix Systems, Inc. CTXS $11,294.8 $10,636.9 $2,669.5 87.1% 22.5% 15.8% 4.0x 17.7x 3.5x 11.0x -11.5%
Netscout Systems, Inc. NTCT $965.9 $828.7 $350.6 79.0% 24.2% 13.6% 2.4x 9.8x 2.1x 7.5x -12.7%
Red Hat, Inc. RHT $9,052.0 $8,198.4 $1,377.3 84.7% 20.1% 16.4% 6.0x 29.6x 5.2x 18.1x -12.4%
SolarWinds, Inc. SWI $2,918.4 $2,652.6 $282.2 93.0% 49.3% 31.2% 9.4x 19.1x 7.4x 14.5x -28.8%
VMWare, Inc. VMW $28,683.6 $24,196.9 $4,741.3 84.6% 24.7% 19.2% 5.1x 20.7x 4.5x 11.2x -29.4%
Median: $9,052.0 $8,198.4 $2,201.4 84.7% 24.7% 15.8% 4.0x 17.7x 3.5x 11.0x -12.4%
EBITDA Margin 24.7%
Current Ratio 1.5
Quick Ratio 1.3
-15%
-10%
-5%
0%
5%
10%
15%
20%
Systems Management Software Stock Market Return: January - June 2013
Systems Management S&P NASDAQ SEG SW Index

SEG Software Index Category: Vertical - Finance
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
Advent Software, Inc. ADVS $1,801.8 $1,708.8 $364.4 69.3% 22.7% 7.9% 4.7x 20.7x 4.4x 16.0x 118.4%
Broadridge Financial BR $3,222.2 $3,564.5 $2,366.0 26.9% 15.4% 3.8% 1.5x 9.8x 1.5x 7.6x 14.3%
Fidessa LSE:FDSA $1,087.9 $978.3 $452.9 21.3% 20.4% 0.1% 2.2x 10.6x n/a n/a 22.8%
Jack Henry & Associates, Inc. JKHY $4,058.5 $4,009.0 $1,097.8 42.0% 31.9% 8.7% 3.7x 11.4x 3.4x 10.1x 16.2%
MSCI, Inc. MSCI $4,016.4 $4,582.3 $973.0 69.6% 45.0% 7.3% 4.7x 10.5x 4.5x 10.3x 3.5%
SS&C Corporation SSNC $2,752.9 $3,651.5 $631.4 44.5% 38.5% 68.1% 5.8x 15.0x 5.0x 12.3x 41.9%
Median: $2,987.5 $3,608.0 $802.2 43.3% 27.3% 7.6% 4.2x 11.0x 4.4x 10.3x 19.5%
EBITDA Margin 27.3%
Current Ratio 1.5
Quick Ratio 1.2
0%
5%
10%
15%
20%
25%
Vertical - Finance Software Stock Market Return:January - June 2013
Vertical - Finance S&P NASDAQ SEG SW Index

SEG Software Index Category: Vertical - Other
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
Blackbaud, Inc. BLKB $1,486.6 $1,690.3 $468.3 54.1% 15.3% 23.6% 3.6x 23.5x 3.3x 15.9x 38.8%
Constellation TSX:CSU $2,915.7 $2,976.1 $952.4 32.5% 19.9% 20.4% 3.1x 15.7x 2.6x 13.4x 14.9%
EPIQ Systems, Inc. EPIQ $488.4 $713.0 $364.8 54.5% 20.5% 25.9% 2.0x 9.6x 1.8x 7.2x 4.7%
Guidewire Software, Inc. GWRE $2,413.9 $2,259.8 $271.3 55.0% 3.3% 25.9% 8.3x 254.6x 6.9x 58.7x 36.3%
Micros Systems MCRS $3,394.1 $2,731.9 $1,242.0 52.8% 21.4% 15.1% 2.2x 10.3x 2.1x 9.4x -1.2%
PROS Holdings PRO $836.1 $753.6 $124.4 70.7% 7.6% 21.7% 6.1x 79.6x 4.9x 30.7x 54.7%
Sapiens International SPNS $222.0 $196.4 $119.4 40.8% 13.5% 44.6% 1.6x 12.1x n/a n/a 46.9%
Silver Spring Networks, Inc. SSNI $1,161.5 $1,020.6 $195.0 16.3% -51.1% -20.7% 5.2x n/a 2.7x 34.0x 13.4%
The Active Network, Inc. ACTV $466.9 $364.4 $430.5 54.7% 2.6% 19.9% 0.8x 33.1x 0.8x 7.4x 43.4%
Tyler Technologies, Inc. TYL $2,159.6 $2,155.1 $376.4 46.3% 19.7% 18.1% 5.7x 29.1x 5.0x 25.9x 37.1%
Median: $1,324.1 $1,355.4 $370.6 53.5% 14.4% 21.0% 3.4x 23.5x 2.7x 15.9x 36.7%
EBITDA Margin 19.7%
Current Ratio 1.4
Quick Ratio 1.1
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Vertical - Other Software Stock Market Return: January - June 2013
Vertical - Other S&P NASDAQ SEG SW Index

SEG SaaS Index
June 2013

SEG SaaS Index: All Categories
Market Cap EV
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
SEG SaaS Index $925.0 $965.2 $166.5 70.6% 3.1% 25.0% 6.9x 38.2x 5.4x 21.4x 20.0%
CRM & Marketing $686.2 $590.9 $173.3 65.6% 1.4% 32.1% 3.5x 30.9x 3.0x 18.9x -4.1%
ERP & Supply Chain $960.0 $1,073.0 $138.0 68.8% 3.9% 31.5% 7.8x 69.5x 6.7x 40.1x 33.0%
Vertically Focused $1,404.8 $1,382.0 $231.2 71.8% 16.0% 21.5% 4.9x 26.6x 4.0x 14.3x 12.3%
Workforce Management $2,209.7 $2,140.5 $131.6 58.5% -15.4% 43.1% 9.0x 65.5x 7.4x 31.2x 21.1%
Category Name
EBITDA Margin 3.1%
Current Ratio 1.7
Quick Ratio 1.6
-5%
0%
5%
10%
15%
20%
25%
SEG SaaS Index Stock Market Return: January - June 2013
DOW S&P NASDAQ SEG SaaS

SEG SaaS Index Category: CRM & Marketing
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
Bazaarvoice, Inc BV $686.2 $590.9 $160.3 65.6% -28.1% 51.0% 3.7x n/a 3.2x n/a -4.1%
Constant Contact CTCT $493.5 $396.2 $260.4 70.9% 7.3% 16.1% 1.5x 20.8x 1.3x 8.5x 9.2%
ExactTarget, Inc. ET $2,348.5 $2,247.5 $317.1 64.7% -0.2% 39.4% 7.1x n/a 5.7x n/a 62.0%
LivePerson LPSN $493.2 $398.4 $163.1 76.8% 8.7% 17.0% 2.4x 27.9x 2.2x 18.9x -35.0%
Marketo MKTO $889.9 $857.4 $65.9 57.3% -53.2% n/a 13.0x n/a 9.8x n/a 7.7%
Marin Software MRIN $333.7 $224.2 $63.7 57.8% -39.9% n/a 3.5x n/a 2.8x n/a -37.0%
Responsys MKTG $706.4 $601.1 $173.3 54.1% 11.2% 21.3% 3.5x 30.9x 3.0x 20.9x 121.9%
Salesforce.com CRM $22,523.7 $22,118.3 $3,247.4 77.2% 2.2% 32.1% 6.8x 305.3x 5.3x 30.4x -10.8%
Vocus VOCS $221.9 $259.3 $182.2 80.2% 1.4% 48.4% 1.4x 101.5x 1.4x 14.4x -41.8%
Median: $686.2 $590.9 $173.3 65.6% 1.4% 32.1% 3.5x 30.9x 3.0x 18.9x -4.1%
EBITDA Margin 1.4%
Current Ratio 1.8
Quick Ratio 1.7
-40%
-30%
-20%
-10%
0%
10%
20%
30%
CRM & Marketing SaaS Stock Market Return: January - June 2013
CRM & Marketing S&P NASDAQ SEG SaaS

SEG SaaS Index Category: ERP & Supply Chain
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
E2open, Inc EOPN $451.1 $416.9 $75.1 67.8% -3.4% 17.4% 5.6x n/a 5.4x n/a 20.8%
Fleetmatics FLTX $1,151.0 $1,073.0 $138.0 73.2% 20.3% 39.6% 7.8x 38.2x 6.1x 21.4x 33.3%
Netsuite N $6,768.8 $6,592.1 $331.1 68.5% -6.3% 31.3% 19.9x n/a 15.2x 153.9x 33.0%
SciQuest SQI $569.0 $522.9 $72.7 68.8% 3.9% 31.5% 7.2x 183.0x 5.5x 25.8x 51.4%
SPS Commerce SPSC $825.8 $753.2 $84.3 70.8% 8.9% 36.3% 8.9x 100.8x 7.2x 54.5x 39.9%
Unit 4 ENXTAM:U $960.0 $1,130.0 $619.4 92.4% 14.3% 5.4% 1.8x 12.7x n/a n/a 5.8%
Workday, Inc. WDAY $11,087.6 $10,303.1 $308.5 58.5% -31.9% 88.3% 33.4x n/a 21.0x n/a 21.1%
Median: $960.0 $1,073.0 $138.0 68.8% 3.9% 31.5% 7.8x 69.5x 6.7x 40.1x 33.0%
EBITDA Margin 14.3%
Current Ratio 1.4
Quick Ratio 1.2
-5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
ERP & Supply Chain SaaS Stock Market Return: January - June 2013
ERP & Supply Chain S&P NASDAQ SEG SaaS

SEG SaaS Index Category: Vertically Focused
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
Athenahealth, Inc ATHN $3,113.0 $3,170.2 $451.3 59.8% 9.6% 28.7% 7.0x 72.9x 4.9x 25.8x 12.3%
DealerTrack TRAK $1,540.8 $1,534.2 $406.3 43.2% 13.8% 10.5% 3.8x 27.4x 3.3x 12.8x 17.9%
Ebix Inc. EBIX $344.2 $377.9 $208.1 81.3% 41.8% 20.5% 1.8x 4.3x n/a n/a -43.0%
Ellie Mae ELLI $607.3 $546.8 $111.8 77.2% 24.8% 69.9% 4.9x 19.7x 4.0x 11.6x -17.4%
Medidata Solutions MDSO $2,059.3 $1,939.1 $231.2 71.8% 16.0% 19.2% 8.4x 52.5x 6.8x 29.4x 87.0%
RealPage RP $1,404.8 $1,382.0 $336.7 60.4% 16.0% 22.5% 4.1x 25.7x 3.4x 14.3x -15.7%
Textura Corp. TXTR $569.7 $583.9 $27.3 75.0% -55.1% n/a 21.4x n/a n/a n/a 24.4%
Median: $1,404.8 $1,382.0 $231.2 71.8% 16.0% 21.5% 4.9x 26.6x 4.0x 14.3x 12.3%
TTM Revenue Growth n/a
EBITDA Margin -55.1%
Current Ratio 1.6
Quick Ratio 1.4
-5%
0%
5%
10%
15%
20%
25%
Vertically Focused SaaS Stock Market Return: January - June 2013
Vertically Focused S&P NASDAQ SEG SaaS

SEG SaaS Index Category: Workforce Management
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
Callidus Software Inc. CALD $247.5 $287.1 $98.5 48.1% -15.4% 14.5% 2.9x n/a 2.6x 27.9x 39.9%
Cornerstone OnDemand CSOD $2,209.7 $2,140.5 $131.6 70.4% -21.5% 61.9% 16.3x n/a 10.7x n/a 42.8%
Halogen Software, Inc. TSX:HGN $321.8 $359.7 $40.8 73.4% -9.6% n/a 8.8x n/a 7.4x n/a 16.4%
The Ultimate Software Group, Inc. ULTI $3,242.6 $3,174.2 $351.9 57.3% 13.8% 24.4% 9.0x 65.5x 7.4x 34.5x 18.4%
Workday, Inc. WDAY $11,087.6 $10,303.1 $308.5 58.5% -31.9% 88.3% 33.4x n/a 21.0x n/a 21.1%
Median: $2,209.7 $2,140.5 $131.6 58.5% -15.4% 43.1% 9.0x 65.5x 7.4x 31.2x 21.1%
EBITDA Margin -15.4%
Current Ratio 1.1
Quick Ratio 0.9
-5%
0%
5%
10%
15%
20%
25%
30%
Workforce Management SaaS Stock Market Return: January - June 2013
Workforce Management S&P NASDAQ SEG SaaS

SEG SaaS Index Category: Other Public SaaS Companies
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
ChannelAdvisors ECOM $322.0 $324.0 $56.3 72.6% -3.7% n/a 5.8x n/a 4.8x n/a -14.7%
Concur CNQR $4,543.5 $4,335.3 $481.2 71.7% 7.7% 22.3% 9.0x 117.5x 7.1x 31.7x 16.3%
Demandware, Inc. DWRE $1,279.2 $1,177.1 $83.9 69.7% -10.7% 37.5% 14.0x n/a 11.0x n/a 53.4%
inContact, Inc. SAAS $438.6 $397.7 $116.4 46.8% 1.4% 25.5% 3.4x 250.8x 2.8x 88.0x 50.3%
IntraLinks Holdings IL $399.1 $400.4 $220.9 71.7% 2.3% 4.6% 1.8x 78.1x 1.8x 11.1x 13.8%
J2 Global JCOM $1,952.5 $1,903.3 $398.4 82.1% 46.1% 16.0% 4.8x 10.4x 3.6x 8.1x 35.4%
Jive Software, Inc JIVE $1,210.8 $1,077.2 $122.2 61.4% -35.4% 41.2% 8.8x n/a 6.7x n/a 21.1%
OpenTable, Inc. OPEN $1,457.0 $1,360.4 $167.8 74.5% 29.2% 15.6% 8.1x 27.8x 7.0x 15.4x 24.5%
Qualys, Inc. QLYS $510.6 $419.6 $95.1 78.9% 11.1% 19.3% 4.4x 39.7x 3.8x 23.0x 3.3%
Service-now.com NOW $5,424.4 $5,085.5 $282.2 59.8% -9.4% 87.8% 18.0x n/a 11.6x 141.2x 33.7%
Tableau Software DATA $3,187.5 $3,147.0 $143.1 91.4% 0.1% n/a 22.0x 20703.8x 15.4x n/a 9.2%
Tangoe TNGO $575.7 $545.3 $165.2 54.2% 8.7% 41.5% 3.3x 38.1x 2.7x 16.4x 20.0%
Zix Corporation ZIXI $261.7 $237.5 $44.8 82.8% 22.2% 14.4% 5.3x 23.8x 4.7x 15.9x 43.9%
Median: $1,210.8 $1,077.2 $143.1 71.7% 2.3% 22.3% 5.8x 39.7x 4.8x 16.4x 21.1%
EBITDA Margin 29.2%
Current Ratio 1.9
Quick Ratio 1.6
-5%
0%
5%
10%
15%
20%
25%
Other Public SaaS Companies SaaS Stock Market Return: January - June 2013
Other SaaS S&P NASDAQ SEG SaaS

SEG Internet Index
June 2013

SEG Internet Index: All Categories
Category Name Market Cap EV
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
SEG Internet Index $1,436.7 $1,133.9 $430.6 67.0% 13.3% 19.6% 2.3x 14.7x 2.1x 11.0x 20.4%
Ad Tech & Lead Generation $1,883.2 $1,834.1 $549.1 65.4% 13.5% 26.8% 2.0x 15.2x 1.9x 11.7x 20.2%
Commerce $582.5 $446.0 $405.8 38.5% 7.5% 17.7% 1.0x 14.4x 0.9x 9.6x 20.1%
Content & Media $2,825.4 $2,473.0 $471.9 52.4% 15.5% 12.1% 2.6x 13.8x 2.6x 13.5x 20.4%
Gaming $2,281.73 $1,746.6 $932.4 71.3% 38.6% 21.9% 2.7x 6.3x 1.7x 6.6x 23.5%
Infrastructure $618.95 $420.3 $255.5 61.2% 7.2% 8.8% 1.3x 13.5x 1.2x 9.5x 11.5%
Services $1,227.36 $1,184.0 $238.9 69.8% 6.6% 44.9% 3.2x 32.2x 2.9x 16.5x 42.7%
Social $2,240.63 $2,146.1 $305.8 67.0% 20.0% 47.2% 7.6x 37.8x 7.4x 32.6x -5.7%
Travel $3,490.61 $3,039.5 $750.6 79.7% 17.9% 20.0% 3.7x 19.7x 4.3x 15.3x 39.2%
EBITDA Margin 13.3%
Current Ratio 2.4
Quick Ratio 2.0
Working Capital to TTM Operating Expense Ratio 0.5
0%
5%
10%
15%
20%
25%
30%
SEG Internet Index Stock Market Return: January - June 2013
DOW S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Ad Tech and Lead Generation
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
Angie's List, Inc. ANGI $1,543.2 $1,495.2 $176.9 72.3% -24.3% 70.9% 8.5x n/a 5.6x n/a 121.5%
Baidu.com, Inc. BIDU $33,083.3 $29,752.9 $3,863.1 76.7% 53.5% 47.1% 7.7x 14.4x 5.7x 12.4x -9.1%
Bankrate, Inc. RATE $1,436.7 $1,541.5 $440.6 67.7% 23.8% -2.1% 3.5x 14.7x 3.3x 12.7x 12.1%
Digital Generation, Inc. DGIT $204.7 $560.5 $385.7 64.3% 26.1% 9.1% 1.5x 5.6x 1.4x 5.0x -35.0%
eHealth, Inc. EHTH $442.3 $328.7 $161.6 96.7% 13.1% 6.9% 2.0x 15.5x 1.9x 13.5x -16.9%
Google Inc. GOOG $292,076.9 $249,354.9 $53,499.0 57.7% 31.4% 33.8% 4.7x 14.8x 4.0x 10.9x 21.7%
Groupon GRPN $5,656.3 $4,488.3 $2,376.6 65.4% 6.0% 26.8% 1.9x 31.5x 1.7x 14.2x 72.4%
InterActiveCorp IACI $3,983.4 $3,993.1 $2,902.6 64.7% 15.5% 29.6% 1.4x 8.9x 1.2x 6.1x 2.3%
LinkedIn LNKD $19,677.9 $18,847.6 $1,108.6 87.1% 13.5% 79.8% 17.0x 126.1x 11.5x 46.9x 58.3%
Marchex Inc. MCHX $225.9 $208.8 $139.0 41.1% 1.6% -9.2% 1.5x 91.6x 1.4x 12.5x 41.0%
QuinStreet QNST $370.0 $353.6 $315.1 18.4% 12.1% -16.8% 1.1x 9.3x 1.1x 7.7x 26.4%
ReachLocal, Inc. RLOC $348.4 $260.2 $473.2 50.0% 1.9% 19.7% 0.5x 28.3x 0.5x 8.1x -10.1%
SINA Corporation SINA $3,720.2 $3,045.8 $549.1 54.1% 5.7% 12.3% 5.5x 97.1x 4.8x 37.9x 6.6%
Sohu.com Inc. SOHU $2,356.5 $1,998.7 $1,148.2 67.0% 32.1% 27.0% 1.7x 5.4x 1.4x 6.3x 28.4%
Tree.Com, Inc. TREE $192.8 $119.5 $92.3 94.7% 1.9% 71.1% 1.3x 67.4x 1.0x 6.4x -5.2%
ValueClick, Inc. VCLK $1,883.2 $1,834.1 $679.9 62.2% 31.1% 21.7% 2.7x 8.7x 2.4x 7.2x 25.7%
Yandex YNDX $9,096.4 $8,747.9 $995.0 75.2% 43.8% 40.3% 8.8x 20.1x 6.9x 14.9x 20.2%
Median: $1,883.2 $1,834.1 $549.1 65.4% 13.5% 26.8% 2.0x 15.2x 1.9x 11.7x 20.2%
EBITDA Margin 43.8%
Current Ratio 2.4x
Quick Ratio 2.0x
Avg Days Outstanding: Accounts Receivable 40.1x
Avg Days Outstanding: Accounts Payable 61.5x
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
Internet Ad Tech and Lead Generation Stock Market Return: January - June 2013
Ad Tech & Lead Generation S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Commerce
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
1-800-FLOWERS.COM, Inc. FLWS $395.2 $396.2 $746.1 41.4% 6.0% 3.8% 0.5x 8.8x 0.5x 8.1x 63.8%
Amazon.com, Inc. AMZN $126,416.4 $121,561.4 $63,978.0 25.4% 4.2% 24.5% 1.9x 44.9x 1.5x 22.8x 7.9%
Bitauto Holdings Limited BITA $435.9 $349.0 $179.9 72.7% 17.0% 51.5% 1.9x 11.4x 1.4x 8.0x 50.3%
BlueNile NILE $468.2 $428.4 $414.0 18.7% 3.5% 18.0% 1.0x 29.6x 0.9x 17.5x -2.6%
DangDang DANG $556.4 $463.7 $875.9 14.7% -7.7% 35.6% 0.5x n/a 0.4x n/a 59.2%
Digital River Inc. DRIV $662.0 $325.2 $397.5 81.6% 9.0% -1.2% 0.8x 9.1x 0.8x 7.0x 27.0%
eBay Inc. EBAY $67,121.7 $62,235.7 $14,543.0 69.8% 29.6% 17.4% 4.3x 14.4x 3.7x 10.8x -3.5%
GeekNet GKNT $92.3 $41.3 $121.0 18.3% -0.4% 25.2% 0.3x n/a 0.3x 8.4x -21.6%
Liquidity Services, Inc. LQDT $1,096.4 $1,039.2 $496.1 44.0% 19.3% 25.8% 2.1x 10.9x 1.9x 8.2x -16.9%
Mecox Lane Limited MCOX $26.5 $5.0 $135.7 35.6% -14.2% -34.4% 0.0x n/a n/a n/a -21.3%
Mercadolibre, Inc. MELI $4,757.9 $4,564.4 $392.6 78.8% 36.4% 22.2% 11.6x 31.9x 9.0x 24.6x 31.3%
Overstock.com, Inc. OSTK $666.9 $585.0 $1,148.9 18.3% 2.8% 9.3% 0.5x 18.1x 0.5x 13.0x 88.3%
PetMed Express, Inc. PETS $250.1 $216.5 $227.8 33.9% 12.3% -4.4% 1.0x 7.7x 0.9x 7.6x 13.2%
Stamps.com STMP $608.5 $561.3 $119.5 76.4% 24.7% 11.6% 4.7x 19.1x 4.2x 15.9x 50.6%
Median: $582.5 $446.0 $405.8 38.5% 7.5% 17.7% 1.0x 14.4x 0.9x 9.6x 20.1%
EBITDA Margin 24.7%
Current Ratio 3.1x
Quick Ratio 2.8x
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
Internet Commerce Internet Stock Market Return: January - June 2013
Commerce S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Content & Media
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
AOL, Inc. AOL $2,825.4 $2,473.0 $2,200.6 30.8% 21.9% 0.9% 1.1x 5.1x 1.1x 5.7x 20.4%
DemandMedia DMD $519.7 $410.3 $395.0 52.4% 17.9% 19.1% 1.0x 5.8x 0.9x 3.6x -38.3%
InterActiveCorp IACI $3,983.4 $3,993.1 $2,902.6 64.7% 15.5% 29.6% 1.4x 8.9x 1.2x 6.1x 2.3%
Netflix NFLX $12,337.3 $12,011.4 $3,763.5 27.5% 3.5% 12.1% 3.2x 92.4x 2.6x 34.4x 129.4%
Pandora P $3,216.4 $3,140.9 $471.9 32.0% -8.2% 55.2% 6.7x n/a 4.6x 123.5x 93.9%
Shutterstock, Inc. SSTK $1,870.0 $1,763.0 $183.2 61.8% 21.0% 38.4% 9.6x 45.8x 7.5x 33.3x 111.8%
TheStreet.com, Inc. TST $63.0 $16.2 $50.5 51.1% -2.6% -10.6% 0.3x n/a n/a n/a 10.1%
WebMD Health Corp. WBMD $1,441.9 $1,242.7 $475.7 55.9% 8.5% -10.9% 2.6x 30.9x 2.6x 13.5x 93.2%
XO Group XOXO $275.4 $200.5 $129.6 82.7% 16.5% 2.5% 1.5x 9.4x 1.5x 7.3x 17.6%
Yahoo! Inc. YHOO $27,206.6 $24,275.5 $4,905.7 68.1% 27.1% -1.7% 4.9x 18.3x 5.3x 14.7x 25.1%
Youku YOKU $3,163.9 $2,597.0 $328.4 25.6% -0.5% 96.3% 7.9x n/a 4.5x n/a -2.1%
Median: $2,825.4 $2,473.0 $471.9 52.4% 15.5% 12.1% 2.6x 13.8x 2.6x 13.5x 20.4%
EBITDA Margin -0.5%
Current Ratio 1.8x
Quick Ratio 1.7x
0%
5%
10%
15%
20%
25%
30%
35%
Internet Content & Media Stock Market Return: January - June 2013
Content & Media S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Gaming
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
ChangYou.com CYOU $1,613.8 $1,494.6 $664.2 83.0% 63.0% 28.6% 2.3x 3.6x 1.9x 3.5x 10.7%
Giant Interactive GA $1,918.7 $1,449.1 $356.5 90.1% 64.9% 16.8% 4.1x 6.3x 3.6x 5.8x 41.0%
Netease NTES $8,202.1 $5,729.2 $1,349.5 69.6% 47.4% 8.1% 4.2x 9.0x 3.7x 7.3x 52.0%
NCSoft KOSE:A036 $2,812.8 $2,314.7 $716.6 69.5% n/a 34.1% 3.2x n/a n/a n/a -2.4%
Perfect World PWRD $844.1 $593.2 $430.6 79.8% 24.6% -10.3% 1.4x 5.6x 1.3x 7.0x 64.9%
Sohu.com Inc. SOHU $2,356.5 $1,998.7 $1,148.2 67.0% 32.1% 27.0% 1.7x 5.4x 1.4x 6.3x 28.4%
Tencent Holdings SEHK:700 $71,865.5 $68,768.0 $7,689.4 57.5% 38.6% 50.3% 8.9x 23.2x n/a n/a 18.5%
Zynga, Inc. ZNGA $2,207.0 $1,038.3 $1,223.9 72.9% 11.7% 0.5% 0.8x 7.2x 1.2x 20.9x 16.3%
Median: $2,281.7 $1,746.6 $932.4 71.3% 38.6% 21.9% 2.7x 6.3x 1.7x 6.6x 23.5%
EBITDA Margin 38.6%
Current Ratio 2.4x
Quick Ratio 2.0x
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Internet Gaming Stock Market Return: January - June 2013
Gaming S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Infrastructure
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
8x8, Inc. EGHT $594.4 $542.2 $107.6 68.4% 13.5% 25.4% 5.0x 37.3x 4.3x 23.2x 10.3%
Akamai Technologies, Inc. AKAM $7,561.1 $7,048.1 $1,422.5 70.9% 36.6% 18.3% 5.0x 13.5x 4.4x 10.2x 0.9%
Brightcove Inc. BCOV $246.3 $219.4 $92.8 68.3% -9.9% 31.7% 2.4x n/a 2.0x 56.9x -10.7%
BroadSoft, Inc. BSFT $772.9 $694.2 $166.1 79.4% 13.8% 13.2% 4.2x 30.3x 3.6x 16.4x -25.0%
Digital River Inc. DRIV $662.0 $325.2 $397.5 81.6% 9.0% -1.2% 0.8x 9.1x 0.8x 7.0x 27.0%
Envivio, Inc. ENVI $55.8 $5.9 $33.1 62.0% -49.8% -38.8% 0.2x n/a 0.2x n/a 11.0%
Harmonic Inc HLIT $643.5 $415.2 $515.7 45.1% 5.9% -3.2% 0.8x 13.6x 0.9x 8.7x 20.0%
Interactive Intelligence, Inc. ININ $1,026.7 $958.0 $257.8 65.8% 5.8% 20.2% 3.7x 64.5x 3.1x 44.7x 50.0%
Limelight Networks, Inc. LLNW $216.3 $97.8 $181.7 53.1% -1.9% 4.3% 0.5x n/a 0.5x 7.5x -3.8%
Mitel Networks Corp. MITL $206.2 $425.3 $576.9 55.6% 13.8% -5.7% 0.7x 5.3x 0.7x 4.5x 20.4%
Polycom, Inc. PLCM $1,816.7 $1,133.9 $1,385.7 58.9% 8.0% -2.9% 0.8x 10.2x 0.8x 4.9x -5.1%
Rovi Corporation ROVI $2,300.7 $2,949.0 $633.6 81.7% 34.1% -9.5% 4.7x 13.6x 4.5x 9.8x 43.7%
SeaChange International Inc. SEAC $383.5 $269.2 $156.1 53.0% 7.3% -3.2% 1.7x 23.7x 1.5x 9.5x 15.6%
ShoreTel, Inc. SHOR $237.2 $220.5 $306.4 60.4% -3.1% 36.4% 0.7x n/a 0.7x 12.3x -10.8%
Sonus Networks, Inc SONS $849.5 $626.7 $253.1 54.8% -9.8% -1.4% 2.5x n/a 2.3x n/a 54.4%
Synacor, Inc SYNC $84.6 $47.7 $120.5 45.5% 7.0% 16.9% 0.4x 5.6x 0.4x 5.5x -45.7%
Tucows Inc. TCX $74.9 $78.7 $117.2 22.7% 5.5% 14.8% 0.7x 12.3x 0.6x 8.8x 28.3%
VeriSign VRSN $6,732.3 $5,876.0 $904.3 80.8% 60.7% 13.6% 6.5x 10.7x 6.1x 9.5x 12.1%
Median: $619.0 $420.3 $255.5 61.2% 7.2% 8.8% 1.3x 13.5x 1.2x 9.5x 11.5%
EBITDA Margin 7.2%
Current Ratio 3.1x
Quick Ratio 2.8x
-5%
0%
5%
10%
15%
20%
25%
30%
Internet Infrastructure Stock Market Return: January - June 2013
Infrastructure S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Services
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
Angie's List, Inc. ANGI $1,543.2 $1,495.2 $176.9 72.3% -24.3% 70.9% 8.5x n/a 5.6x n/a 121.5%
Bankrate RATE $1,436.7 $1,541.5 $440.6 67.7% 23.8% -2.1% 3.5x 14.7x 3.3x 12.7x 12.1%
Carbonite, Inc. CARB $321.8 $265.3 $90.0 65.4% -6.0% 35.9% 2.9x n/a 2.4x 75.5x 27.3%
LifeLock, Inc. LOCK $1,018.0 $872.7 $300.9 71.8% 7.1% 44.9% 2.9x 40.9x 2.4x 20.0x 41.9%
Monster Worldwide, Inc. MWW $572.2 $610.4 $868.6 54.7% 15.6% -10.1% 0.7x 4.5x 0.7x 3.9x -17.1%
Qihoo QIHU $5,668.4 $5,367.4 $369.6 89.4% 17.9% 72.6% 14.5x 81.0x 8.1x 29.6x 55.0%
Shutterfly SFLY $2,123.0 $1,958.6 $666.0 54.0% 12.5% 31.3% 2.9x 23.5x 2.5x 13.0x 81.3%
Tree.Com, Inc. TREE $192.8 $119.5 $92.3 94.7% 1.9% 71.1% 1.3x 67.4x 1.0x 6.4x -5.2%
Trulia, Inc. TRLA $1,002.0 $797.6 $79.9 86.3% -5.3% 87.8% 10.0x n/a 6.6x 47.5x 82.1%
VistaPrint VPRT $1,611.6 $1,798.8 $1,137.8 65.7% 9.5% 16.3% 1.6x 16.6x 1.4x 11.1x 43.6%
Xoom XOOM $755.6 $645.0 $87.4 67.0% -2.3% n/a 7.4x n/a 5.7x n/a -10.1%
Zillow Z $1,944.1 $1,765.1 $133.0 88.9% 6.1% 71.3% 13.3x 217.4x 8.9x 64.9x 98.9%
Median: $1,227.4 $1,184.0 $238.9 69.8% 6.6% 44.9% 3.2x 32.2x 2.9x 16.5x 42.7%
EBITDA Margin 6.1%
Current Ratio 2.5x
Quick Ratio 2.1x
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Internet Services Stock Market Return: January - June 2013
Services S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Social
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
Facebook FB $60,157.5 $52,946.5 $5,489.0 72.7% 23.9% 35.9% 9.6x 40.4x 7.4x 14.2x -11.1%
FriendFinder Networks Inc FFN $8.8 $481.5 $305.8 67.0% 25.5% -6.8% 1.6x 6.2x n/a n/a -56.5%
LinkedIn LNKD $19,677.9 $18,847.6 $1,108.6 87.1% 13.5% 79.8% 17.0x 126.1x 11.5x 46.9x 58.3%
Mail.ru Group LSE:MAIL $5,992.9 $5,044.4 $680.8 55.1% 42.8% 40.2% 7.4x 17.3x n/a n/a -5.7%
Renren Inc RENN $1,132.6 $278.1 $190.6 62.9% -42.3% 47.2% 1.5x n/a 1.1x n/a -14.1%
Yelp, Inc. YELP $2,240.6 $2,146.1 $156.3 92.9% -2.8% 66.0% 13.7x n/a 8.9x 74.8x 76.5%
YY, Inc. YY $1,458.5 $1,216.4 $160.6 53.6% 20.0% 151.5% 7.6x 37.8x 4.6x 18.3x 87.5%
Median: $2,240.6 $2,146.1 $305.8 67.0% 20.0% 47.2% 7.6x 37.8x 7.4x 32.6x -5.7%
EBITDA Margin 20.0%
Current Ratio 5.3x
Quick Ratio 5.0x
Levered FCF Growth (YoY) n/a
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
Internet Social Stock Market Return: January - June 2013
Social S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Travel
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
Ctrip CTRP $4,234.3 $3,646.5 $709.3 74.7% 16.7% 21.0% 5.1x 30.8x 4.3x 17.5x 40.9%
Expedia EXPE $8,128.8 $7,755.2 $4,226.2 77.5% 15.2% 19.5% 1.8x 12.1x 1.6x 8.5x -4.5%
HomeAway AWAY $2,746.9 $2,432.5 $295.8 83.7% 19.1% 22.0% 8.2x 43.1x 6.9x 23.5x 47.1%
MakeMyTrip MMYT $536.6 $454.9 $228.8 22.7% -6.6% 16.4% 2.0x n/a 4.4x n/a 8.2%
Orbitz OWW $846.8 $1,077.0 $791.9 80.7% 13.4% 2.6% 1.4x 10.1x 1.3x 7.3x 178.8%
Priceline PCLN $42,639.6 $39,111.1 $5,525.7 78.7% 35.9% 20.6% 7.1x 19.7x 5.7x 15.3x 29.5%
Travelzoo TZOO $418.8 $353.3 $154.0 89.8% 19.2% 2.2% 2.3x 12.0x 2.1x 11.0x 40.5%
TripAdvisor Inc TRIP $8,727.0 $8,712.2 $809.2 98.4% 40.1% 20.5% 10.8x 26.9x 8.8x 21.9x 37.8%
Median: $3,490.6 $3,039.5 $750.6 79.7% 17.9% 20.0% 3.7x 19.7x 4.3x 15.3x 39.2%
EBITDA Margin 40.1%
Current Ratio 1.9x
Quick Ratio 1.6x
0%
10%
20%
30%
40%
50%
60%
Internet Travel Stock Market Return: January - June 2013
Travel S&P NASDAQ SEG Internet Index

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